North America Flavours And Fragrances Market Analysis, Size, Share, Price, Trends, Growth, Report, Forecast 2023-2028
The new report by Expert Market Research titled, ‘North America Flavours and Fragrances Market Analysis, Share, Size, Trends, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the North America flavours and fragrances market, assessing the market based on segment, type and country.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 28 billion
The North America flavours and fragrances market has seen substantial growth due to factors such as the rising consumer willingness to try out new flavours and fragrances and the rise in the GDP. Consumers are increasingly purchasing non-essential food products with innovative and unique flavours and combinations, such as chilli chocolate, as their disposable incomes rise.
The demand for low-calorie and low-carbohydrate food and beverage items is increasing as customers become more health conscious as the number of people suffering from obesity and diabetes rises. This contributes to the growth of the flavour industry, as these products require new flavours.
The increased demand for juices and RTD beverages is also helping the industry. The segment’s rise is being fueled by an increase in the consumption of flavoured milk as a substitute for carbonated beverages. The growing personal care and cosmetics industry in North America also helps the flavour and fragrance industry in the region.
The surge in luxury cosmetics consumption is driving the cosmetics industry in this comparatively mature market. The fragrance industry is benefiting from the continued expansion of the cosmetics industry, since fragrance has become an essential component of personal care goods. Consumers are increasingly looking for perfumes that are natural or organic. The fragrance segment is also benefiting from increased demand from the soaps and detergents industry.
North America Flavours and Fragrances Industry Definition and Major Segments
Flavour is added to a product to change or improve the way the mouth perceives the taste of the material. Fragrance, on the other hand, refers to the compounds used to give products like foods, cosmetics, and detergents a sweet or pleasant odour.
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Based on the segment, the market is divided into:
Based on the type, the market is divided into:
Based on the country, the market is divided into:
Based on the flavouring agent, North America flavours segment is further divided into:
- Nature Identical Flavouring Substance
- Artificial Flavouring Substance
- Natural Flavours
Based on the form, the industry is divided into:
Based on the application, the industry is divided into:
- Bakery and Confectionary Products
- Dairy and Frozen Desserts
- Savouries and Snacks
Based on the type, North America fragrances segment is further divided into:
Based on the fragrance type, the industry is divided into:
Based on the application, the industry is divided into:
- Soap and Detergent
- Cosmetics and Toiletries
- Fine Fragrances
- Household Cleaners and Air Fresheners
North America Flavours and Fragrances Market Trends
North America is the second largest regional market for flavours and fragrances. The United States market dominates the region, accounting for more than three-quarters of the market. While North America, like Western Europe, is a mature market, the region’s sector is driven by the region’s expanding high-income class, particularly in the United States.
By 2030, North America is predicted to house about half of the world’s high-income population. The high-income class is boosting demand for luxury products such as high-end cosmetics and organic foods. While the rise of the middle class in the United States has slowed, it still accounts for more than half of the population. The middle class, which has seen an increase in disposable income, is helping the sector by consuming more processed foods and beverages that are infused with new flavours.
Key Market Players
The major players in the market are Givaudan SA, Firmenich SA, International Flavors & Fragrances, Inc., Symrise AG, WILD Flavors, Inc., Takasago International Corp, Mane SA, Technologies Corp., Robertet Group, T. Hasegawa Co., Ltd., Kerry Group, among others.
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